Shearman And Sterling

News September 13, 2021

Shearman & Sterling Advises Underwriters in Cenovus Energy Inc.’s $1.25 Billion Offering of Notes

Shearman & Sterling represented J.P. Morgan Securities, BofA Securities, MUFG Securities Americas, BMO Capital Markets, Scotia Capital (USA) and Mizuho Securities USA, as joint book-running managers, CIBC World Markets, Goldman Sachs & Co., RBC Capital Markets, and TD Securities (USA), as senior co-managers, and ATB Capital Markets, SMBC Nikko Securities Americas, Desjardins Securities and Wells Fargo Securities, as co-managers, in connection with a registered offering of $1.25 billion of senior notes by Cenovus Energy consisting of $500 million aggregate principal amount of 2.650 percent notes due 2032 and $750 million aggregate principal amount of 3.750 percent notes due 2052 pursuant to the multijurisdictional disclosure system (MJDS) adopted by the United States and Canada.

Cenovus intends to use the net proceeds from the notes offering to partially finance the repurchase of certain of the company’s outstanding senior notes pursuant to previously announced tender offers.

Cenovus is a Canadian integrated oil company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States.

The Shearman & Sterling team below included Jai Lakhani (New York–Capital Markets).

The Team